UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
                                   -----------

[X]      QUARTERLY  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934

                       For the Quarter Ended June 30, 2001

                                       OR

[ ]     TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934

                        For the transition period from           to
                                                      ---------- -----------

                        Commission File Number 000-32741

                        TREASURE MOUNTAIN HOLDINGS, INC.
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           NEVADA                                         84-1394211
  (State or other jurisdiction of                     (I.R.S. Employer
  incorporation or organization)                      Identification No.)

                 1390 South 1100 East #204, Salt Lake City, Utah
                 -----------------------------------------------
                      84111 (Address of principal executive
                                    offices)

Registrant's telephone no., including area code:  (801) 322-0253

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days.
Yes   X   No
    -----    ------

                                       APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of the latest practicable date.

         Class                          Outstanding as of August 20, 2001
 -----------------------------          ---------------------------------
 Common Stock, $.001 par value                       937,547

                                       -1-

<PAGE>


<TABLE>
<CAPTION>

                                TABLE OF CONTENTS
                                -----------------

Heading                                                                                                   Page
                                          PART I.  FINANCIAL INFORMATION                                  ----

<S>                                                                                                        <C>
Item 1.      Financial Statements.....................................................................      3

                  Balance Sheets -- June 30, 2001 and December 31, 2000...............................      4

                  Statements of Operations -- three and six months ended June 30, 2001
                    and 2000 and the period from January 1, 1958 to June 30, 2001.....................      5

                  Statements of Cash Flows -- six months ended June 30, 2001
                    and 2000..........................................................................      6

                  Notes to Financial Statements ......................................................      8

Item 2.      Management's Discussion and Analysis and Results of Operations...........................     11

                                            PART II. OTHER INFORMATION

Item 1.      Legal Proceedings........................................................................     12

Item 2.      Changes In Securities and Use of Proceeds................................................     12

Item 3.      Defaults Upon Senior Securities..........................................................     13

Item 4.      Submission of Matters to a Vote of Securities Holders....................................     13

Item 5.      Other Information........................................................................     13

Item 6.      Exhibits and Reports on Form 8-K.........................................................     14

             SIGNATURES...............................................................................     15
</TABLE>

                                       -2-

<PAGE>



                                     PART I

Item 1.           Financial Statements

         The following unaudited Financial  Statements for the period ended June
30, 2001, have been prepared by the Company.



                        TREASURE MOUNTAIN HOLDINGS, INC.
                          (A Development State Company)

                              FINANCIAL STATEMENTS

                       June 30, 2001 and December 31, 2000

                                       -3-

<PAGE>

<TABLE>
<CAPTION>


                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                                 BALANCE SHEETS
                       June 30, 2001 and December 31, 2000



                                     ASSETS
                                     ------
                                                                      Jun 30,       Dec 31,
                                                                       2001          2000
                                                                     ---------    ---------

<S>                                                                  <C>          <C>
CURRENT ASSETS

   Cash                                                              $   1,239    $   5,520
                                                                     ---------    ---------

       Total Current Assets                                          $   1,239    $   5,520
                                                                     =========    =========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES

   Notes payable - related party - Note 3                            $  11,500    $   9,000
   Accrued interest payable - related party - Note 3                       869          574
   Accounts payable                                                       --          3,000
                                                                     ---------    ---------

       Total Current Liabilities                                        12,369       12,574
                                                                     ---------    ---------

STOCKHOLDERS' EQUITY

   Common stock
       50,000,000 shares authorized at $0.001 par value;
      937,547 shares issued outstanding                                    938          938

   Capital in excess of par value                                      616,357      616,357

    Deficit accumulated during development stage                      (628,425)    (624,349)
                                                                     ---------    ---------

         Total Stockholders' Deficiency                                (11,130)      (7,054)
                                                                     =========    =========
</TABLE>


              The accompanying notes are an integral part of these
                              financial statements.

                                       -4-

<PAGE>


<TABLE>
<CAPTION>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                            STATEMENTS OF OPERATIONS
              For the Three and Six Months Ended June 30, 2001 and
             2000 and the Period January 1, 1958 (date of inception
                     of development stage) to June 30, 2001



                                              Three Months             Six Months
                                              ------------             ----------
                                          Jun 30,     Jun 30,      Jun 30,      Jun 30,          Jan 1, 1958
                                           2001        2000         2001         2000          to Jun 30, 2001
                                        ---------    ---------    ---------    ---------       ---------------


<S>                                     <C>          <C>          <C>          <C>               <C>
REVENUES                                $    --      $    --      $    --      $    --           $    --

EXPENSES                                    2,816          383        4,076          425           605,650
                                        ---------    ---------    ---------    ---------         ---------

NET LOSS - before other income             (2,816)        (383)      (4,076)        (425)         (605,650)

SETTLEMENT OF DEBT                           --           --           --           --              19,000


NET GAIN (LOSS)                         $  (2,816)   $    (383)   $  (4,076)   $    (425)        $(586,650)
                                        =========    =========    =========    =========         =========



NET LOSS PER COMMON
    SHARE

   Basic                                $    --      $    --      $    --      $    --                --
                                        ---------    ---------    ---------    ---------         ---------



AVERAGE OUTSTANDING
     SHARES

    Basic                                 937,547      937,547      937,547      937,547              --
                                        ---------    ---------    ---------    ---------         ---------

</TABLE>


              The accompanying notes are an integral part of these
                             financial statements.

                                       -5-

<PAGE>



<TABLE>
<CAPTION>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                             STATEMENT OF CASH FLOWS
             For the Six Months Ended June 30, 2001 and 2000 and the
 Period January 1, 1958 (date of inception of development stage) to June 30, 2001



                                                               Jun 30,                Jun 30,            Jan 1, 1958 to
                                                                2001                   2000               Jun 30, 2001
                                                             ---------              ---------              ---------

<S>                                                          <C>                    <C>                    <C>
CASH FLOWS FROM
   OPERATING ACTIVITIES


   Net loss                                                  $  (4,076)             $    (425)             $(586,650)


       Adjustments to reconcile net loss to
       net cash provided by operating activities

              Settlement of debt                                  --                     --                  (19,000)
              Changes in accounts payable                         (205)                  --                   36,369
              Issuance common stock for expenses                  --                     --                  555,520

               Net Cash Used in Operations                      (4,281)                  (425)               (13,761)
                                                             ---------              ---------              ---------

CASH FLOWS FROM INVESTING
   ACTIVITIES
                                                             ---------              ---------              ---------

CASH FLOWS FROM FINANCING
   ACTIVITIES

          Proceeds from issuance of common stock                  --                     --                   15,000
                                                             ---------              ---------              ---------


    Net Increase  (Decrease) in Cash                            (4,281)                  (425)                 1,239

   Cash at Beginning of Period                                   5,520                  8,598                   --
                                                             ---------              ---------              ---------

   Cash at End of Period                                     $   1,239              $   8,173              $   1,239
                                                             =========              =========              =========

</TABLE>


    The accompanying notes are an integral part of these financial statements

                                       -6-

<PAGE>


<TABLE>
<CAPTION>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                          ( Development Stage Company)
                      STATEMENTS OF CASH FLOWS (Continued)
 Period January 1, 1958 (Date of Inception of development stage) to June 30, 2001

<S>                                                                                     <C>
SCHEDULE OF NONCASH OPERATING, INVESTING, AND FINANCING  ACTIVITIES

Issuance of 400 common shares for services - 1969                                       $ 2,000

Issuance of 9,710 common shares for payment  of accounts payable - 1970                  52,074

Issuance of 32,000 common shares for all  outstanding stock of Queen Hills - 1970       160,000

Issuance of 550 common shares for cash and  payment of accounts payable  - 1972           1,375

Issuance of 2,900 common shares for cash and payment of  4,670ts payable - 1973

Issuance of 3,630  common shares for services - 1985                                     18,150

Issuance of 40,331 common shares for all outstanding  stock of Notch Peak Corp - 1985   201,657

Issuance of 22,610,000 common shares for services - 1997                                 30,000

Return of 21,909,000 common shares issued in 1997 for services - 2000                      --

</TABLE>

              The accompanying notes are an integral part of these
                             financial statements.

                                       -7-

<PAGE>



                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


1. ORGANIZATION

The Company was incorporated under the laws of the state of Utah on July 2, 1954
with authorized common stock of 1,000,000 shares at a par value of $.10 with the
name  "Treasure  Mountain  Mining  Company and on March 21, 1970 the  authorized
common stock was  increased to  10,000,000  shares with a par value of $.10.  On
February 11, 1997 the name was changed to "Treasure Mountain Holdings, Inc." and
the authorized  common  capital stock was increased to 50,000,000  shares with a
par value of $.001.  On April 1, 1997 the domicile was changed from the state of
Utah to the state of Nevada.

The Company has been engaged in the activity of the  development  and operations
of mining  properties  and in 1957  operations  were  abandoned  and the Company
became inactive.  The Company and has been in the developmental stage since that
date.

On October 28, 1997 the Company  completed a reverse  common  stock split of one
share for 100 shares  outstanding and on October 10, 2000 a forward common stock
split of two shares for each  outstanding  share.  This report has been prepared
showing after stock split shares at $.001 par value from inception.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Methods

The  Company  recognizes  income and  expenses  based on the  accrual  method of
accounting.

Dividend Policy

The Company has not yet adopted a policy regarding payment of dividends.

Income Taxes

On June 30,  2001,  the  Company  had a net  operating  loss  carry  forward  of
$277,137. The income tax benefit of $83,141 from the loss carry forward has been
fully offset by a valuation reserve because the use of the future tax benefit is
undeterminable  since the Company has no operations.  The loss carryover expires
in the years from 2001 through 2022.

                                       -8-

<PAGE>



                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Earnings (Loss) Per Share

Earnings  (loss) per share  amounts are computed  based on the weighted  average
number of shares actually outstanding after the stock splits.

Financial Instruments

The carrying amounts of financial instruments, including cash and notes payable,
are considered by management to be their estimated fair values.

Estimates and Assumptions

Management uses estimates and assumptions in preparing  financial  statements in
accordance with generally accepted  accounting  principles.  Those estimates and
assumptions  affect the  reported  amounts of the  assets and  liabilities,  the
disclosure of contingent  assets and liabilities,  and the reported revenues and
expenses.  Actual  results  could vary from the  estimates  that were assumed in
preparing these financial statements.

Comprehensive Income

The Company  adopted  Statement of Financial  Accounting  Standards No. 130. The
adoption of this standard had no impact on the total stockholder's equity.

Recent Accounting Pronouncements

The  Company  does not  expect  that the  adoption  of other  recent  accounting
pronouncements will have a material impact on its financial statements.

3.  NOTES PAYABLE - RELATED PARTY

The Company has demand notes payable of $11,500 with 6% interest.  The notes can
be redeemed by the  issuance  of common  capital  stock at $.10 per share at the
option of the note holders. Interest has been accrued to June 30, 2001.

                                       -9-

<PAGE>



                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


4.  GOING CONCERN

The  Company  intends to acquire  interests  in various  business  opportunities
which,  in the  opinion  of  management,  will  provide a profit to the  Company
however the Company does not have the working  capital to be  successful in this
effort and to service its debt.

Continuation  of the  Company as a going  concern is  dependent  upon  obtaining
additional  working  capital and the  management  of the Company has developed a
strategy,  which it believes will accomplish this objective  through  additional
equity funding and long term financing  which will enable the Company to operate
for the coming year.

5.  RELATED PARTY TRANSACTIONS

Related parties have acquired 82% of the outstanding common capital stock.

6.   WARRANTS

On  September  27,  2000 the board of  directors  of the  Company  approved  the
issuance  of  warrants  entitling  the  holders  to  purchase  up  to  3,000,000
restricted  common  shares of the  Company  at the price of $.25 per share for a
term of 18  months  from the date the  warrant  is  issued.  At the date of this
report no warrants had been issued.

7.  CAPITAL STOCK

The Company was  incorporated  in 1954 and became  inactive in 1957.  During the
following years errors  developed in the stock records and therefore the Company
issued 14,281 shares to be held in escrow by the transfer  agent in the event of
any valid claims for shares not recorded in the Company records.

8.  SUBSEQUENT EVENTS

On August 11,  2001 the  Company  entered  into a  exclusive  worldwide  license
agreement  to  market a devise  known  as "Java  Stir" to be used in the  coffee
industry  venues.  The terms of the  agreement  includes a 5%  royalty  for each
10,000  units sold for a period of 10 years  with a minimum  royalty of $1,000 a
year for the first two years and $1,500 a year for the remaining years.

                                      -10-

<PAGE>



Item 2.           Management's Discussion and Analysis or Plan of Operations

         The  following  information  should  be read in  conjunction  with  the
financial statements and notes thereto appearing elsewhere in this Form 10-QSB.

         Treasure Mountain Holdings,  Inc. (the "Company") was organized in 1954
to engage in the business of mining,  milling,  processing and marketing various
minerals,  primarily tungsten. The Company did engage in the mining business for
a period of time,  however, it became inactive for a period of time. The Company
is deemed to be a development stage company with minimal assets.

         Management  believes that the Company  requires only nominal capital to
maintain its corporate viability.  Recently,  necessary funds have been provided
by the Company's officers and directors.  Certain costs and expenses  associated
with the Company's operations and the preparation and filing of its registration
statement  on Form 10-SB in May 2001,  were  arranged  for by a director  of the
Company and are represented by notes payable. It is anticipated that some future
expenses  will be handled in a similar  manner.  However,  unless the Company is
able to  secure  sufficient  financing,  there is  substantial  doubt  about its
ability to continue as a going concern.

         On August  11,  2001,  the  Company  entered  into a license  agreement
whereby the Company acquired a worldwide exclusive license to make,  manufacture
and market the "Java Stir," a molded  plastic  stir or swizzle  stick to be used
specifically with coffee  beverages.  The Company intends to begin producing and
marketing the Java Stir in the near future. See Item 5 below.

         At June 30, 2001 and December  31,  2000,  the Company had total assets
consisting of cash of $1,239 and $5,520, respectively. Total liabilities at June
30,  2001  and  December  31,  2000  were  $12,369  and  $12,574,  respectively,
consisting primarily of the notes payable to related party.

         The Company has not had significant  operations or revenues for several
years.  For the three and six month periods  ended June 30, 2001,  the Company's
total expenses were $2,816 and $4,076,  respectively,  compared to $383 and $425
for of the respective  corresponding 2000 periods.  The expenses during 2001 are
primarily  professional fees associated with preparation of requisite  financial
statements  and  registration  statement  for filings  with the  Securities  and
Exchange Commission.

         In the  opinion of  management,  inflation  has not and will not have a
material effect on the operations in the immediate future.

Plan of Operation

         Prior to entering into the license agreement,  the Company was actively
seeking out and investigating possible business opportunities with the intent to
acquire or merge with one or more  business  ventures.  Although the Company may
continue to  investigate  possible  merger and  acquisition  candidates,  in the
immediate  future  management  will focus on developing a marketing plan for the
production  and sale of the Java Stir  product.  However,  because  the  Company
currently  lacks funds,  it may be necessary  for the officers and  directors to
either  advance  funds to the Company or to accrue  expenses  until such time as
alternative  funding can be arrange.  Management  intends to hold  expenses to a
minimum and to obtain  services on a contingency  basis when possible.  Further,
the Company's  directors will defer any compensation until such time as business
conditions permit such expenditures.

         During the remainder of fiscal year 2001,  the Company will endeavor to
create a  comprehensive  business plan for the  production  and marketing of the
Java Stir. Management  anticipates that it may need add employees to help in the

                                      -11-

<PAGE>


development of its business plan and ultimate marketing of the product. However,
employees will be added only as business conditions warrant and adequate funding
is available.  Also, as financing  becomes  available,  the Company will perform
certain  marketing  studies and market tests to determine  the  viability of the
product.  It is anticipated that the Company could begin marketing the Java Stir
by the fourth quarter of 2001.

         Presently, management believes that the Company will need approximately
$25,000 to finalize  development of the Java Stir and commence marketing.  As of
the date hereof,  the Company has not entered into any agreement or  arrangement
to secure the requisite funding. There can be no assurance that the Company will
be able to obtain such  funding  when and if needed,  or that such  funding,  if
available, can be obtained on terms acceptable to the Company.

Net Operating Loss

         The Company has  accumulated  approximately  $277,137 of net  operating
loss  carryforwards  as of June 30, 2001. The income tax benefit of $83,141 from
the loss carry forward has been fully offset by a valuation  reserve because the
use  of  the  future  tax  benefit  is  undeterminable  as  the  Company  has no
operations.  The loss  carryforward  expires in the ears from 2001 through 2022.
The use of these  losses  to  reduce  future  income  taxes  will  depend on the
generation  of  sufficient  taxable  income prior to the  expiration  of the net
operating loss carryforwards.  In the event of certain changes in control of the
Company,  there will be an annual limitation on the amount of net operating loss
carryforwards which can be used.

Risk Factors and Cautionary Statements

         This report contains certain  forward-looking  statements.  The Company
wishes to advise readers that actual results may differ  substantially from such
forward-looking  statements.  Forward-  looking  statements  involve  risks  and
uncertainties  that could cause actual results to differ  materially  from those
expressed in or implied by the  statements,  including,  but not limited to, the
following:   the  ability  of  the  Company  search  for  appropriate   business
opportunities  and subsequently  acquire or merge with such entity,  to meet its
cash and working  capital  needs,  the  ability of the  Company to maintain  its
existence as a viable entity, and other risks detailed in the Company's periodic
report filings with the Securities and Exchange Commission.

                                     PART II

Item 1.           Legal Proceedings

         There are  presently no other  material  pending legal  proceedings  to
which the Company is a party or to which any of its  property is subject and, to
the best of its knowledge,  no such actions against the Company are contemplated
or threatened.

Item 2.           Changes In Securities and Use of Proceeds

         Because  of  certain  errors  discovered  in the  Company's  past stock
issuances,  the Company authorized the issuance of 14,291 shares of common stock
to be held in escrow by the Company's  transfer agent,  pending any valid claims
for shares not previously recorded on the stock records. On August 14, 2001, the
Board of Directors instructed the transfer agent to cancel the share certificate
for 14,291 shares and reissue a new  certificate in the amount of 14,281 shares,
which  reduced the total issued and  outstanding  shares by ten shares.  The new
share amount is believed to  accurately  depict what is perceived to the correct
potential error in past issuances.  Accordingly,  as of the date of this report,
the Company has issued and outstanding 937,547 shares of common stock.



                                      -12-

<PAGE>



Item 3.           Defaults Upon Senior Securities

         This Item is not applicable to the Company.

Item 4.           Submission of Matters to a Vote of Security Holders

         This Item is not applicable to the Company.

Item 5.           Other Information

         On August 11, 2001, the Company executed that certain License Agreement
whereby  the  Company  acquired  the  worldwide,   exclusive  license  to  make,
manufacture,  sell,  attach a  trademark  or  trade  name  to,  and to  exercise
incidents  of  ownership  in  and  to  all  interests,  proprietary  rights  and
improvement in and to the "Java Stir" product. Under the terms of the agreement,
the Company paid $500 for such rights and agreed to pay a royalty of 5% of gross
revenues  for each 10,000 Java Stirs sold by the Company or its  designees.  The
term of the agreement is for ten years.  The Company must pay a minimum  royalty
of $1,000 for each of the first two years of the  agreement  and $1,500 for each
remaining year.

         Java Stir is the only  swizzle  stick  made  exclusively  for  stirring
coffee. It consists of a sculptured coffee bean attached to a thin acrylic stick
made of ABS plastic.  The Java Stir can be custom  imprinted on the paddle part,
an area approximately 1/2 inch by 1/2 inch, with a company's logo and/or message
pursuant to customer  specifications.  Custom molding is available upon request.
The Java Stir will  offer a  company  logo  imprinted  on the  plastic  circular
diameter  (paddle) of the stir stick  combined with a gold or silver foil finish
for a sharp noticeable  finish.  The base color of the Java Stir is coffee brown
or black.

         Manufacturing

         The Java Stir is made out of a  temperature  resistant ABS plastic by a
process called plastic  injection  molding.  The process involves pushing liquid
plastic into a mold under pressure.  The mold has cooling channels that cool the
mold so it will release the parts.  The parts are then released via ejector pins
that push the parts out of the mold.  The mold currently used by the Company for
Java Stir production is a twelve cavity mold with replaceable cores. The Company
will be able to change cores on both sides of the mold during the  manufacturing
process furthering enabling any design variations or custom work.  Manufacturing
is currently done by Alesco  Limited,  Hong Kong,  China.  Alesco has tested the
mold and successfully  produced  finished parts. The production mold is retained
and owned by Alesco and was developed by their facilities.  The cost of the mold
is amortized as part of Alesco's production cost.

         The cost of production  based on lots of 12,500 parts are $.01 per stir
stick "CIF" (cargo  insurance and freight) and the imprinting of a logo or a one
color pad print with gold or silver  foil.  The Company  estimates  a U.S.  duty
between 3% to 5%.

         Marketing

         The Company is focusing its efforts on one market in the swizzle  stick
industry.  Traditionally swizzle sticks have made of plastic,  glass,  sometimes
metal,  and have been part of objects  collected from bars.  Ordinarily  swizzle
sticks bear a brand logo and are an ideal advertising businesses.  Traditionally
swizzle sticks bear brand or place colors of alcoholic  beverages (e.g. whiskey,
gin, vodka,  rum), soft drinks,  cigarettes,  air or cruise  companies,  or even
places like bars, restaurants,  casinos and discos. Designed at first to be used
in cocktails, swizzle sticks often end up in the hands of a collector.

                                      -13-

<PAGE>



         Management  believes that the beverage industry has ignored anything in
the area of swizzle  sticks for the coffee  industry and its venues.  The coffee
industry,  once plague by the high cost of coffee beans,  has been  experiencing
lower prices with the advent of Asian coffee bean exports and keeping prices for
its assorted beverages at the same prices.  Businesses such as Starbucks,  Peets
Coffee & Tea,  Seattle's  Best and the many java hut  boutiques  have  created a
trend in the  industry  towards  providing a carefully  prepared  beverage  with
prices ranging from $2.50 to $4.50 for the initial  serving.  A cup of coffee is
now  sometimes  referred to as a "latte," an "espresso" or a "cafe mocha." There
is a trend in the coffee  industry  towards  brand  recognition.  The company is
aware of only one other  swizzle  stick item being  offered to coffee venues - a
generic plastic stir stick referred to as the "Mr. Coffee Stirs."

         The  Company  is  presently   evaluating  cost  effective   methods  of
displaying  its product  and concept at key trade shows where major  outlets for
the  coffee  industry  are  in  attendance.  The  Company  is  also  considering
submitting  the product or variations  to compete in industry  layout and design
awards competition.

         The "Java Stir" also appears on the Internet at  www.JavaStir.com  as a
specialty product and the Company is considering  advertising Java Stir by using
e-mail target  mailings.  However,  the Company has not conducted any prior test
marketing.

         Competition

         The Company is unaware of any product similar to the Java Stir which is
currently  available to coffee venues.  The main competition to Java Stir is the
Mr.  Coffee  Stir  Stick.  However,  management  believes  that  the  Java  Stir
represents a more modern product with the ability to be customized.  The ability
of the Company to significantly penetrate the market will depend on many factors
including,  but not  limited  to, its  ability to obtain  sufficient  capital to
enhance and broaden the  marketing of the  product,  to develop new and improved
product  variations,  to obtain and retain  necessary  management  and  advisory
personnel, and to perfect a comprehensive business plan.

Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits

                           Exhibit 10.1     License Agreement

         (b)      Reports on Form 8-K

                  No  report  on Form 8-K was filed by the  Company  during  the
         three month period ended June 30, 2001.


                                      -14-

<PAGE>



                                   SIGNATURES
                                   ----------


         In accordance with the  requirements of the Securities  Exchange Act of
1934,  the  Registrant  caused  this  report to be  signed on its  behalf by the
undersigned, thereunto duly authorized.

                                   TREASURE MOUNTAIN HOLDINGS, INC.



Date:  August 20, 2001           By:  /S/ GEORGE I. NORMAN, III
                                    --------------------------------------
                                          George I. Norman, III
                                          President, C.E.O. and Director




Date:  August 20, 2001           By:  /S/ LANE CLISSOLD
                                    --------------------------------------
                                          Lane Clissold
                                          Secretary/Treasurer,  and Director
                                         (Principal Accounting Officer)

                                                 -15-

<PAGE>